Keeping sale proceeds in US but want to pay CGT here.

[Paul O Mahoney]

I hope my title isn't confusing.

We have US shares through employment and we have occasionally sold them transfered the money to Ireland.

These are RSUs and were taxed for income tax by employer and we paid any CGT if any gains arose.

Our daughter may attend university in the US later this year or early next year and the fees/accommodation etc.obviously will be in USD.

Is it possible or permitted to sell US shares leave the proceeds in the US but pay any CGT due to Revenue here in Euro using the usd/euro rate at date of any sale?

Transferring dollars to Ireland having them converted into Euro and then doing it the other way around seems an annoyance.
The amounts would be large if it happens.

Any insights would be appreciated.

 

[Brendan Burgess]

Why wouldn't it be?

You want to sell shares and keep the proceeds in a US dollar account.

As long as you pay the CGT in Ireland, Revenue won't care.

I think you have to declare that you have an overseas bank account, but that is all.

Brendan

 

[Paul O Mahoney]

Why wouldn't it be?

You want to sell shares and keep the proceeds in a US dollar account.

As long as you pay the CGT in Ireland, Revenue won't care.

I think you have to declare that you have an overseas bank account, but that is all.

Brendan

Thanks Brendan, my logic was telling me that just wanted to be a little bit more certain.